HWL Ebsworth advised New Century Resources Limited (ASX:NCZ) on its capital raising by way of a placement and fully underwritten accelerated non-renounceable pro-rata entitlement offer, announced on Tuesday, 21 April 2020.
New Century Resources is a base metal producer and operates the Century Mine in Queensland, an established top-10 zinc mine globally.
The company is raising $51.1 million. The equity will be used to for general working capital as New Century Resources continues to progress the final stage ramp up of operations to 12Mtpa at the Century Mine.
IGO Limited (ASX: IGO), a leading WA exploration and mining company, will invest up to A$27 million via a A$23.775 million placement, and a A$3.225 million sub-underwriting commitment under the entitlement offer, taking up to an 18.4% stake in New Century Resources. IGO has also agreed to enter a strategic relationship with New Century which will allow the collaborative assessment of opportunities within the existing New Century tenements or other mining assets identified by the company’s ongoing due diligence programs.
The placement will raise $23.775 million and the entitlement offer will raise $27.3 million. The Entitlement Offer is fully underwritten by Canaccord Genuity (Australia) Limited.
Corporate partner Dave Filov led the HWL Ebsworth team and advised on all aspects of the transaction, with support from solicitors Nick Harrison and Fiona Le.
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